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TARGET balances, foreign trade and money creation

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  • Hans-Werner Sinn

Abstract

Up to February 2011, Germany had accumulated 321 billion euros in TARGET claims against the European Central Bank; the GIPS countries - Greece, Ireland, Portugal and Spain - accumulated, by the end of 2010, about 340 billion euros in interest-bearing TARGET liabilities for financing their deficits on current account. In his comment Hans-Werner Sinn, President of the Ifo Institute, describes the associated risks for the euro area.

Suggested Citation

  • Hans-Werner Sinn, 2011. "TARGET balances, foreign trade and money creation," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(09), pages 23-25, May.
    • Handle: RePEc:ces:ifosdt:v:64:y:2011:i:09:p:23-25
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    File URL: https://www.ifo.de/DocDL/ifosd_2011_9_2.pdf
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    Citations

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    Cited by:

    1. Sell, Friedrich L. & Sauer, Beate, 2011. "A further view on current account, capital account and Target2 balances: Assessing the effect on capital structure and economic welfare," Working Papers in Economics 2011,2, Bundeswehr University Munich, Economic Research Group.
    2. Berthold, Norbert & Braun, Stella & Coban, Mustafa, 2014. "Das Scheitern historischer Währungsräume: Kann sich die Geschichte auch für die Eurozone wiederholen? [Fail of Historical Currency Areas: Will History Repeat Itself in Case of the Euro Zone?]," Discussion Paper Series 127, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
    3. Engelbert Stockhammer & Collin Constantine & Severin Reissl, 2020. "Explaining the Euro crisis: current account imbalances, credit booms and economic policy in different economic paradigms," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 43(2), pages 231-266, April.
    4. Walterscheid, Heike, 2014. "Staatsverschuldung, Banken und Demokratie: Die Bedeutung von Sinnverbund und der Einheit von Handeln und Haften in der Schuldenkrise der EWU," Beiträge zur Jahrestagung 2014 (Goettingen) 107397, Verein für Socialpolitik, Ausschuss für Wirtschaftssysteme und Institutionenökonomik.
    5. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim, 2015. "Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte: Auswertung der bisherigen Erfahrung und mögliche Reformansätze," Kieler Beiträge zur Wirtschaftspolitik 7, Kiel Institute for the World Economy (IfW Kiel).
    6. Smeets, Heinz-Dieter, 2012. "Zum Stand der Staatsschuldenkrise in Europa," DICE Ordnungspolitische Perspektiven 30, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    7. repec:zbw:rwirep:0273 is not listed on IDEAS
    8. Smeets, Heinz-Dieter, 2011. "Staatsschuldenkrise in Europa: Ist die Finanzierung der Schuldnerländer alternativlos?," DICE Ordnungspolitische Perspektiven 20, Heinrich Heine University Düsseldorf, Düsseldorf Institute for Competition Economics (DICE).
    9. Ansgar Belke & Christian Dreger, 2011. "Ramifications of Debt Restructuring on the Euro Area: The Example of Large European Economies' Exposure to Greece," Discussion Papers of DIW Berlin 1141, DIW Berlin, German Institute for Economic Research.
    10. König, Jörg, 2016. "Von der Währungs- zur Transferunion," Argumente zur Marktwirtschaft und Politik 132, Stiftung Marktwirtschaft / The Market Economy Foundation, Berlin.
    11. Ansgar Belke & Christian Dreger, 2011. "Ramifi cations of Debt Restructuring on the Euro Area – The Example of Large European Economies’ Exposure to Greece," Ruhr Economic Papers 0273, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    12. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & Schwarzmüller, Tim & van Roye, Björn & Scheide, Joachim, 2014. "Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion," Kieler Beiträge zur Wirtschaftspolitik 5, Kiel Institute for the World Economy (IfW Kiel).
    13. Dirk Meyer, 2016. "Euro Money Creation by Member States: the Dangers of Extra National Money," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 69(06), pages 30-40, March.

    More about this item

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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